WGU D251 Advanced Auditing Final Exam |
Questions with 100% Correct Answers | Verified |
Latest Update | 28 Pages
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Terms in this set (249)
Performance Materiality is Tolerable Error
also known as _____________.
Auditor uses Performance Determining significant accounts, locations, and audit
Materiality for ____________. procedures.
Performance Materiality is 75%
what percent of Planning
Materiality?
What happens is Auditor might not perform sufficient procedures to
Performance Materiality is detect material misstatements.
set too high?
, What happens if Auditor might perform more substantive procedures
Performance Materiality is than needed.
set too low?
Overall Materiality is also Planning Materiality
known as _________.
Auditors use Overall Determine whether financial statements overall are
Materiality to ___________. materially correct.
The misstatements identified throughout the audit that
What does Posting will be considered at the end of the audit in
Materiality signify? determining whether the financial statements are
materially correct.
What percentage is 5% of Planning Materiality
Posting Materiality
commonly set at?
The magnitude of an omission or misstatement of
accounting information that, in light of surrounding
circumstances, makes it probable that the judgment of
What is Materiality?
a reasonable person relying on the information would
have been changed or influenced by the omission or
misstatement.
If there is a substantial likelihood that a reasonable
What makes a fact investor would have viewed the fact as having
Material? significantly altered the total mix of information made
available.
What is the materiality Performance Materiality
level that an auditor uses
for determining significant
accounts, significant
locations, and audit
procedures for those
accounts and locations?
Questions with 100% Correct Answers | Verified |
Latest Update | 28 Pages
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (249)
Performance Materiality is Tolerable Error
also known as _____________.
Auditor uses Performance Determining significant accounts, locations, and audit
Materiality for ____________. procedures.
Performance Materiality is 75%
what percent of Planning
Materiality?
What happens is Auditor might not perform sufficient procedures to
Performance Materiality is detect material misstatements.
set too high?
, What happens if Auditor might perform more substantive procedures
Performance Materiality is than needed.
set too low?
Overall Materiality is also Planning Materiality
known as _________.
Auditors use Overall Determine whether financial statements overall are
Materiality to ___________. materially correct.
The misstatements identified throughout the audit that
What does Posting will be considered at the end of the audit in
Materiality signify? determining whether the financial statements are
materially correct.
What percentage is 5% of Planning Materiality
Posting Materiality
commonly set at?
The magnitude of an omission or misstatement of
accounting information that, in light of surrounding
circumstances, makes it probable that the judgment of
What is Materiality?
a reasonable person relying on the information would
have been changed or influenced by the omission or
misstatement.
If there is a substantial likelihood that a reasonable
What makes a fact investor would have viewed the fact as having
Material? significantly altered the total mix of information made
available.
What is the materiality Performance Materiality
level that an auditor uses
for determining significant
accounts, significant
locations, and audit
procedures for those
accounts and locations?
